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VVUS > SEC Filings for VVUS > Form 8-K on 20-Dec-2013All Recent SEC Filings

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Form 8-K for VIVUS INC


20-Dec-2013

Change in Directors or Principal Officers


Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On December 16, 2013, the Board of Directors of VIVUS, Inc., or the Company, appointed Svai Sanford, the Company's interim Chief Financial Officer and principal financial officer, to serve as the Company's principal accounting officer effective December 16, 2013. As a result of the consolidation of the positions of principal financial officer and principal accounting officer with Mr. Sanford, Lee B. Perry's employment will end on December 31, 2013.

Mr. Sanford, age 43, has served as the Company's interim Chief Financial Officer since November 2013. Prior to this, he served as the Company's Corporate Controller from July 2012 to November 2013. Prior to his employment with the Company, Mr. Sanford was the Corporate Controller at Glam Media, Inc., a digital content provider, from November 2010 to June 2012, and in addition to other senior management roles within the company, he was the Senior Director, Technical Accounting, Reporting and Compliance at Elan Pharmaceuticals, Inc., a biopharmaceutical company, from March 2004 to November 2010. Mr. Sanford began his career with KPMG LLP, where he earned his license as a certified public accountant. Mr. Sanford holds a B.S. in Accounting from Kansas State University.

On December 20, 2013, the Compensation Committee of the Board of Directors of the Company approved new compensatory arrangements in connection with Mr. Sanford's appointment as the Company's interim Chief Financial Officer, principal financial officer and principal accounting officer, such that Mr. Sanford's annual base salary was increased to $350,000 retroactive to his appointment as interim Chief Financial Officer. There are no family relationships between Mr. Sanford and any previous or current officers or directors of the Company, and there are no related party transactions reportable under Item 404(a) of Regulation S-K.


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